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Companhia Siderúrgica Nacional
(NYSE:SID)
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Rating:47Neutral
Price Target:
$0.87
▼(-19.26% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by weak financial performance (persistent losses, high leverage, and negative recent cash generation) and bearish technicals (below major moving averages with negative MACD). This is partially offset by a more positive earnings-call outlook pointing to operational improvement, recent positive quarterly free cash flow, and planned deleveraging actions, while valuation signals are limited due to negative earnings and no dividend yield data.
Positive Factors
Diversified integrated industrial platform
CSN's integrated steel, mining, cement, logistics and energy assets diversify earnings across related industrial markets. This breadth can reduce reliance on any single commodity or end market and support resilience through cyclical demand shifts.
Negative Factors
Highly leveraged balance sheet
High debt relative to equity leaves CSN with a thin capital cushion and increases sensitivity to downturns in steel and mining. Elevated leverage can constrain investment flexibility, raise refinancing dependence and amplify the effect of weaker operating results.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified integrated industrial platform
CSN's integrated steel, mining, cement, logistics and energy assets diversify earnings across related industrial markets. This breadth can reduce reliance on any single commodity or end market and support resilience through cyclical demand shifts.
Read all positive factors
Companhia Siderúrgica Nacional (SID) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.16B
Dividend YieldN/A
Average Volume (3M)2.24M
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth9.29%
EPS Growth-26.44%
CountryUS
Employees24,924
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)-2.00
Shares Outstanding1,326,094,000
10 Day Avg. Volume3,148,662
30 Day Avg. Volume2,236,455
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.90
Price to Sales (P/S)0.26
P/FCF Ratio-1.72
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.2
Revenue Forecast (FY)$8.79B
Companhia Siderúrgica Nacional Business Overview & Revenue Model
Company Description
Companhia Siderúrgica Nacional (CSN) operates as an integrated steel manufacturer, holding a significant presence across Brazil and Latin America. Its operations are diversified across five key divisions: Steel, Mining, Logistics, Energy, and Ceme...
How the Company Makes Money
CSN primarily makes money by selling (1) steel products and (2) iron ore. Steel-related revenue is generated from manufacturing and commercializing steel produced at its integrated steel operations, with sales typically tied to market pricing dyna...
Companhia Siderúrgica Nacional Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational momentum: consolidated EBITDA grew ~5% and several segments delivered record or near-record EBITDA (cement, logistics), free cash flow turned positive (BRL 808 million), and management is executing liability-management and asset-sale plans (binding offers for cement; nonbinding interest in infrastructure). Offsetting risks include mining revenue pressure from freight and FX, persistent import competition for steel (circumvention risk), remaining P15 CapEx (~BRL 4 billion) and a small increase in leverage (3.36x to 3.49x). On balance, the progress on cash generation, inventory reduction, segment recoveries (steel and cement) and capital markets actions materially outweigh the headwinds reported.Positive Updates
Consolidated EBITDA Growth
Consolidated EBITDA rose 5% (quarter-on-quarter), driven by better operational performance across steel, mining, cement, logistics and energy; management highlights diversified asset base as key to offsetting sector-specific pressures.
Negative Updates
Mining Unit Revenue and Freight/FX Pressure
Mining unit revenue fell to around $18/ton in Q2 and was ~20% lower than Q1'26; net revenue and EBITDA were pressured by foreign exchange appreciation and higher maritime freight linked to geopolitical tensions (Middle East/US–Iran) and higher logistic costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated EBITDA Growth
Consolidated EBITDA rose 5% (quarter-on-quarter), driven by better operational performance across steel, mining, cement, logistics and energy; management highlights diversified asset base as key to offsetting sector-specific pressures.
Read all positive updates
Company Guidance
Management guided to a stronger second half driven by operational improvement and asset sales: consolidated EBITDA rose ~5% (12‑month EBITDA ~BRL 6.0bn) and free cash flow was BRL 808m in Q2, with working‑capital releases of roughly BRL 900m this quarter and a further ~BRL 1bn targeted by year‑end to support deleveraging; steel recovered to a 10.5% EBITDA margin in Q2 with a target of 15–17% in H2 while capturing 600–700k tons from imports (import penetration seen falling from ~25% to ~15–17%) and aiming for slab costs near BRL 3,000–3,150/t and inventory targets (~500k tons in‑house, overall inventories down from BRL 3bn toward BRL 1bn); mining unit revenue was $18/t in Q2 with EBITDA margin >30%; cement posted record EBITDA >BRL 420m and >30% margin and has received binding offers for a sale; logistics achieved ~45% margin (second‑best EBITDA ever); net leverage edged from 3.36x to 3.49x, P15 CapEx remaining ~BRL 4bn (completion end‑2027, ramp‑up 2028, full ops 2029), and a new 2030 bond saw ~77% adherence.Companhia Siderúrgica Nacional Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
27
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.34B | 43.92B | 43.69B | 45.44B | 44.36B | 47.91B |
| Gross Profit | 12.37B | 11.87B | 11.70B | 11.30B | 13.31B | 22.07B |
| EBITDA | 6.25B | 7.01B | 6.85B | 8.58B | 10.07B | 23.08B |
| Net Income | -2.65B | -1.96B | -2.59B | -318.21M | 1.55B | 12.26B |
Balance Sheet | ||||||
| Total Assets | 100.45B | 100.52B | 103.91B | 91.53B | 85.35B | 79.38B |
| Cash, Cash Equivalents and Short-Term Investments | 14.27B | 15.06B | 24.22B | 17.59B | 13.46B | 19.30B |
| Total Debt | 54.32B | 53.99B | 57.10B | 45.26B | 41.55B | 32.57B |
| Total Liabilities | 85.23B | 84.80B | 88.45B | 71.84B | 63.54B | 56.00B |
| Stockholders Equity | 12.15B | 12.87B | 12.27B | 17.50B | 19.49B | 20.31B |
Cash Flow | ||||||
| Free Cash Flow | -6.28B | -6.77B | 3.16B | 2.88B | -3.33B | 11.93B |
| Operating Cash Flow | -262.37M | -954.06M | 8.65B | 7.29B | 2.04B | 14.79B |
| Investing Cash Flow | -5.93B | -6.00B | -1.12B | -4.59B | -11.45B | 447.93M |
| Financing Cash Flow | 1.40B | -1.74B | -103.83M | 1.32B | 4.75B | -8.53B |
Companhia Siderúrgica Nacional Technical Analysis
Negative
1.08
Price Trends
1.01
Negative
1.16
Negative
1.40
Negative
Market Momentum
-0.04
Positive
40.50
Neutral
38.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SID, the sentiment is Negative. The current price of 1.08 is above the 20-day moving average (MA) of 0.97, above the 50-day MA of 1.01, and below the 200-day MA of 1.40, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 40.50 is Neutral, neither overbought nor oversold. The STOCH value of 38.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SID.
Companhia Siderúrgica Nacional Risk Analysis
Companhia Siderúrgica Nacional disclosed 41 risk factors in its most recent earnings report. Companhia Siderúrgica Nacional reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Cement is a perishable product and failure to carefully store and distribute it may result in losses for our cement subsidiary and us. Q4, 2023
Companhia Siderúrgica Nacional Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $8.05B | 13.59 | 13.65% | 1.10% | 15.23% | 1535.96% | |
66 Neutral | $10.67B | 14.81 | 5.77% | 4.65% | -0.65% | 18.90% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $8.77B | 30.87 | 2.53% | 2.65% | 8.98% | -21.39% | |
61 Neutral | $5.16B | 6.43 | 3.33% | ― | 7.95% | -38.27% | |
53 Neutral | $7.02B | -7.37 | -15.23% | ― | 4.03% | 52.63% | |
47 Neutral | $1.16B | -2.52 | -18.55% | ― | 9.29% | -26.44% |
* Basic Materials Sector Average
SID
Companhia Siderúrgica Nacional
0.90
-0.37
-28.90%
CLF
Cleveland-Cliffs
11.88
1.45
13.90%
CMC
Commercial Metals Company
70.98
14.11
24.80%
GGB
Gerdau SA
4.67
1.82
63.86%
SIM
Grupo Simec SA De CV
27.50
-0.84
-2.96%
TX
Ternium SA
53.69
23.00
74.92%
Companhia Siderúrgica Nacional Corporate Events
CSN Posts Strong 2Q26 Operating Gains but Swings to Deeper Net Loss on FX Costs
Aug 13, 2026
On August 12, 2026, CSN reported its second-quarter 2026 results, highlighting a 6.6% quarter-on-quarter and 5.7% year-on-year rise in net revenue to R$11.3 billion, driven by seasonally stronger demand, higher steel prices and increased sales vol...
CSN Posts Continued Quarterly Loss as Mining and Logistics Offset Steel Weakness
Jul 31, 2026
CSN’s management discussion and analysis for the quarter ended March 31, 2026, filed on Form 6-K in July 2026, shows relatively stable net revenue year-on-year but continued pressure on profitability, with a net loss of R$555 million versus ...
CSN Launches July 2026 Exchange Offer to Replace 2028 Notes with New 2030 Debt
Jul 31, 2026
On July 30, 2026, CSN announced that its wholly owned subsidiary CSN Inova Ventures has launched a private exchange offer targeting any and all of its outstanding 6.750% senior notes due 2028 held by eligible institutional investors. Holders are o...
Companhia Siderúrgica Nacional Posts Stable March 2026 Balance Sheet With Slight Improvement in Liquidity
May 29, 2026
Companhia Siderúrgica Nacional released its balance sheet for March 31, 2026, showing consolidated current assets of R$29.39 billion and non-current assets of R$69.74 billion, broadly stable versus year-end 2025. On the liability side, total ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.